Bitcoin is a digital currency, meaning that there isn’t actually anything physical for you to hold, like coins and notes. Instead, everything is dealt with online- the way you purchase Bitcoin, the way you sell it and the way that you store it. This can seem confusing at first, but it is actually very simple to use. Here is how you can pay for goods and services using Bitcoins.
First things first, you’ll need to sort yourself out with a Bitcoin wallet. Your Bitcoin balance needs to be stashed away somewhere, regardless of whether it’s just a piece of code or not, and the only way to do this is via a Bitcoin wallet. When it comes to Bitcoin wallets, you really need to do your research before settling for one. Look into things such as privacy settings, how secure the wallet is if it’s free of if you have to pay to use it and so on. In addition to this, look at customer reviews too- these will nearly always be more accurate and reliable than a review written by a Bitcoin or gambling-related website.
Once you’ve decided on which wallet to use, you can begin purchasing and/or earning Bitcoin which can be stashed in your wallet. Then, when you have a substantial amount in your wallet, you can start to spend it!
Bitcoin payments are very simple to do; they’re quick, easy and also incredibly secure, all contributing factors as to why Bitcoin is such a popular method of payment. When you want to make a payment using Bitcoin, you don’t need to give away any confidential information, such as bank details or your address- you just need to use your wallet, in one of three different ways.
Your Bitcoin wallet when used online or as a mobile app will come with a QR Code. You can scan this to make a payment, and it goes through in less than 5 seconds, quick and secure. This is an excellent way of using your Bitcoin balance if you’re paying in a real life shop that accepts Bitcoins, or in a casino.
This is done by copying the Bitcoin wallet address and the amount of Bitcoin you are spending onto the website you’re shopping from and takes less than a minute to process. This is considered the old fashioned way but works well if you’re buying online.
Using Your Wallet
Some payments can be made directly through your Bitcoin wallet – if this is the case, all you need to do is check the balance leaving your wallet is correct and that all the payment details are in place and then you can just press send, and the payment is complete. In some ways, this method is similar to using online payment service, PayPal.